Final Project
The key to successful businesses lies in “finding a need and filling it”. Think about a product you could develop that would fill a need. Look around you around your campus, your home, or your job: Do you see a need that is unfilled? If you’re having trouble finding a need, try to remember the times you’ve said, “Somebody ought to d,” or “Somebody ought to make.”
You will develop your product, create a basic marketing plan for your product and consider launching your product internationally. You should address the following:
What is the product?
What currently unfulfilled needs are being met with this product?
Identify and describe your target market(s).
Research your industry. What industry will your product be introduced into?
Assess your competition. Who are your major competitors? How does your product differ from the competition? Do companies in the industry make reasonable profits? What other products do they sell? How do they price their products? How do they market them? How do they treat customers?
Create a SWOT analysis for your product.
Identify the 4 P’s (product, promotion, place, price) for your product. How will you price your product? Where will you sell it? How will you promote it?
How many units will you need to sell to break even? How much profit will you make if you reach your forecasted demand in year 1? Show your break-even analysis.
Now consider introducing your product to the global market. Where would you sell it? What do you need to consider when making the move from the domestic to the global market? Be specific.